Sure, some modern building methods are far superior to what was used in the past, but lots of building methods used today aren't nearly as robust as in prior generations (ask an experienced GC).....Additionally, a new house is still in its "growing pains" phase, and a lot of serious problems can emerge in the first few years of ownership--e.g.; foundation/structural settling, improper water diversion systems creating rot, etc.

The goal is to replace my 9-5 and to create generational wealth for my family and me. 

You are thinking way too far in advance.An investment property purchased now in most likeliness will not be generating positive taxable income given high purchase prices and high interest rates.Have a talk with your CPA to ask them what your tax exposure would be if you mentioned to him your purchase price, monthly rent and basic expenses like insurance, interest and taxes.Best of luck!

Plus a garage that can house a full size truck and all my equipment. 

If you purchase and it is that generation, assume if it is on sand that it is beach sand.  

With deferred maintenance taken care of you should be able to raise the rents, a bit at a time, and have an income generating asset to hold and benefit from for years to come.

My family has been operating real estate in San Diego as a primary income business for 3 generations and it seems odd that a real estate business would have to only operate as many STRs as they have employees who could apply for the license.

It's a way to build a portfolio of rental properties and generate passive income in any economy, and it can be used to invest in both traditional rental properties and Airbnb properties.Thanks to my proven infrastructure, implementing the BRRRR model is not only possible, but also simple and carries less-risk.

Here are 5 basic equations to understand with examples as generated by the new Chat AI Robot:Capitalization rate (Cap rate): The capitalization rate is used to determine the potential return on investment for a rental property.

They are 350K+, generating maybe 1700-2K in rent.